GAPP Principle 12

The SWF’s operations and financial statements should be audited annually in accordance with recognised international or national auditing standards in a consistent manner.

Status: Implemented

The Act on Folketrygdfondet states that the external auditor of Folketrygdfondet is appointed by the Ministry of Finance. Folketrygdfondet is currently being audited by KPMG AS. The financial statements are regulated by the Norwegian Accounting Act and Regulation on Financial Reporting at Folketrygdfondet. See response to principle 11 for further information.

Sources: Folketrygdfondet Act, Regulation on Financial Reporting at Folketrygdfondet, Folketrygdfondet website.